RISMedia's Real Estate Magazine

AUG 2018

Real Estate magazine is the industry's leading source for real estate news and information since 1980. Published monthly by RISMedia, Real Estate magazine offers timely and relevant real estate news to the industry's top brokers and agents.

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RISMedia's REAL ESTATE August 2018 97
June's five hottest housing mar-
kets, based on median days on
market and online views, were:
1. MIDLAND, TEXAS
Age of Inventory: 29 days
2. COLUMBUS, OHIO
Age of Inventory: 32 days
3. BOSTON-CAMBRIDGE-NEWTON,
MASS.-N.H.
Age of Inventory: 33 days
4. FORT WAYNE, IND.
Age of Inventory: 34 days
5. BOISE CITY, IDAHO
Age of Inventory: 33 days
According to Danielle Hale, chief
economist at realtor.com®, demand
is expanding inland, where buyers
are meeting more practical prices.
"As the record pace of sales con-
tinues to challenge would-be home-
buyers, the hottest market rankings
show that buyers are looking for mar-
kets that offer relative affordability,"
says Hale.
There is a what-if: Amazon's ar-
rival is likely to pressure prices
up, Hale says. In Columbus, for ex-
ample—No. 2 in the ranking—the
median is $250,000, which has
been consistent for the past year.
If Amazon were to bring HQ2 into
town, affordability could suffer.
"In the three cities that were on
Amazon's list of possible HQ2 con-
tenders—Columbus, Ohio, Boston
and Dallas—affordability isn't tak-
ing as big a hit as in other hot mar-
kets, despite properties selling fast-
er than just about everywhere else,"
says Hale. "This would change if
Amazon were to come to town."
Based on median days on market
and online views, the remainder of
the top 20:
6. SAN FRANCISCO-OAKLAND-
HAYWARD, CALIF.
Age of Inventory: 25 days
7. VALLEJO-FAIRFIELD, CALIF.
Age of Inventory: 30 days
8. BUFFALO-CHEEKTOWAGA-NIAG-
ARA FALLS, N.Y.
Age of Inventory: 36 days
9. COLORADO SPRINGS, COLO.
Age of Inventory: 30 days
10. DETROIT-WARREN-DEARBORN,
MICH.
Age of Inventory: 37 days
11. RACINE, WIS.
Age of Inventory: 38 days
12. GRAND RAPIDS-WYOMING,
MICH.
Age of Inventory: 31 days
13. SACRAMENTO-ROSEVILLE-
ARDEN-ARCADE, CALIF.
Age of Inventory: 35 days
14. ROCHESTER, N.Y.
Age of Inventory: 38 day s
15. KENNEWICK-RICHLAND, WASH.
Age of Inventory: 38 days
16. STOCKTON-LODI, CALIF.
Age of Inventory: 36 days
17. DALLAS-FORT WORTH-ARLING-
TON, TEXAS
Age of Inventory: 38 days
18. WORCESTER, MASS. CONN.
Age of Inventory: 38 days
19. SPOKANE-SPOKANE VALLEY,
WASH.
Age of Inventory: 36 days
20. SANTA CRUZ-WATSONVILLE,
CALIF.
Age of Inventory: 40 days RE
For more information, please visit www.realtor.com.
Suzanne De Vita is RISMedia's
online news editor. Email her
your real estate news ideas at
sdevita@rismedia.com.
Demand Expands
to Hot Inland Markets
C
alifornia's domination as the hottest housing state is
weakening, as other affordable markets trend up, according
to a recent ranking by realtor.com®. California dipped out of
the top five markets for the first time in six years, with the Bay Area
finishing at No. 6. Close to half of the top 20 markets in the ranking
had median values under the median nationally, or $299,000.
by Suzanne De Vita